One of our advertisers at 321 Gold has an interesting business model for reprocessing tailing piles from past production mines while restoring the site to safe standards. At a profit. I always like hearing that word.
The company is named Secova Metals Corp. (SEK:CNX). They want to reprocess tailings from the Montauban Mine in Quebec that operated on and off from 1919 until 1990 producing gold and silver. There is an existing 43-101 resource of 750,000 tonnes of 0.86-g/t Au eq allowing for 4.4 years production to produce 50,000 ounces of gold with credits for mica and silver as well. At the end of the initial program, Secova believes they can outline and mine an additional nine to 12 years of production from a historic 43-101 3.6g/t Au resource.
Secova is fully permitted for a 1,000 TPD mill. The mill building and infrastructure has been completed. Alphard Engineering from Montreal has just completed Mill engineering. Most of the mill equipment has been sourced and is being delivered to the site. Installation began in January 2022 with planned production for fall of 2022.
Secova has been working on a PEA for the hard rock component of the plan. They expect to release it in spring of 2022. To raise money for the completion of the mill plant, the company announced a $5 million convertible debenture with a 10% coupon.
In addition, Secova has a Plan B project they call the Eagle River/Windfall Lake project located adjacent to Osisko’s Windfall Lake Project in the Urban-Berry area of Quebec.
Secova has an interesting plan that I am certain has the full approval and support of the provincial government. There are a lot of old mines in Canada that need cleaning up. If they have a business model that fits, it can be a good deal for everyone.
Secova is an advertiser. I do not own shares but am still biased so do your own due diligence.
Secova Metals
SEK-C $.105 (Feb 04, 2022)
SEKZF-OTCBB 215 million shares
Secova Metals website
Bob Moriarty
President: 321gold
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Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.
Disclosures:
1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. Secova Metals is an advertiser on 321 Gold. I determined which companies would be included in this article based on my research and understanding of the sector.
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